中國鐵建:定增百億(yi)投資(zi)國內四大項(xiang)目,主業(ye)經營更(geng)穩健

研究機構：群(qun)益證(zheng)券(香港) 分(fen)析師：李曉璐(lu) 撰寫日期：2014-12-18

結論與建議:

公司在手訂單充(chong)裕,定增所得百億資(zi)金將大(da)部分(fen)(fen)用于國內項目,有助增強資(zi)金實力同時降低資(zi)產負債率(lv),進一步做大(da)做強建筑(zhu)工程主業。當前A股和H股價對應(ying)2015年(nian)動態P/E分(fen)(fen)別為(wei)9倍和6.8倍,均維持買入評級,上調目標價。

公司發(fa)布定增預案:擬向(xiang)不超過十名特定投(tou)資者(zhe),以7.20元/股(gu)價格,非公開發(fa)行股(gu)票不超過13.8億(yi)(yi)股(gu),募集資金總額不超過99.36億(yi)(yi)元,扣除(chu)相關(guan)發(fa)行費用(yong)后,擬投(tou)入25億(yi)(yi)元用(yong)于(yu)(yu)(yu)重慶市軌道交通環線(xian)(xian)二期(qi)工程(cheng)BT項(xiang)目(mu)(mu)、投(tou)18億(yi)(yi)元用(yong)于(yu)(yu)(yu)石家莊(zhuang)市城市軌道交通3號線(xian)(xian)一期(qi)小灰樓站(zhan)至(zhi)石家莊(zhuang)站(zhan)工程(cheng)BT項(xiang)目(mu)(mu)、投(tou)16億(yi)(yi)元用(yong)于(yu)(yu)(yu)成都市地鐵10號線(xian)(xian)一期(qi)工程(cheng)BT項(xiang)目(mu)(mu)、投(tou)12億(yi)(yi)元用(yong)于(yu)(yu)(yu)德(de)州至(zhi)商丘高速公路夏津(jin)至(zhi)聊城段BOT項(xiang)目(mu)(mu),其余資金用(yong)于(yu)(yu)(yu)償還(huan)銀(yin)行貸款及(ji)補(bu)充(chong)流動(dong)資金。

根據公(gong)告,上述四個工(gong)(gong)(gong)程(cheng)項(xiang)目(mu)(mu)(mu)均已開工(gong)(gong)(gong)。重慶市(shi)軌道交(jiao)通環線(xian)二期(qi)工(gong)(gong)(gong)程(cheng)BT項(xiang)目(mu)(mu)(mu)預計(ji)(ji)于(yu)2017年12月(yue)(yue)份(fen)竣工(gong)(gong)(gong),項(xiang)目(mu)(mu)(mu)合同(tong)額(e)為(wei)(wei)(wei)92.83億(yi)元(yuan)(yuan)(yuan),累計(ji)(ji)完(wan)成投資(zi)(zi)額(e)為(wei)(wei)(wei)6.45億(yi)元(yuan)(yuan)(yuan),內部(bu)收(shou)益(yi)率(lv)預計(ji)(ji)為(wei)(wei)(wei)12.31%。石家(jia)莊市(shi)城(cheng)市(shi)軌道交(jiao)通3號(hao)(hao)線(xian)一期(qi)小灰樓(lou)站(zhan)至(zhi)石家(jia)莊站(zhan)工(gong)(gong)(gong)程(cheng)BT項(xiang)目(mu)(mu)(mu)預計(ji)(ji)于(yu)2017年9月(yue)(yue)底竣工(gong)(gong)(gong),項(xiang)目(mu)(mu)(mu)合同(tong)額(e)為(wei)(wei)(wei)34.50億(yi)元(yuan)(yuan)(yuan),累計(ji)(ji)完(wan)成投資(zi)(zi)額(e)為(wei)(wei)(wei)8.20億(yi)元(yuan)(yuan)(yuan),內部(bu)收(shou)益(yi)率(lv)預計(ji)(ji)為(wei)(wei)(wei)12.33%。成都市(shi)地鐵10號(hao)(hao)線(xian)一期(qi)工(gong)(gong)(gong)程(cheng)BT項(xiang)目(mu)(mu)(mu)預計(ji)(ji)于(yu)2017年6月(yue)(yue)份(fen)竣工(gong)(gong)(gong),項(xiang)目(mu)(mu)(mu)合同(tong)額(e)為(wei)(wei)(wei)30億(yi)元(yuan)(yuan)(yuan),累計(ji)(ji)完(wan)成投資(zi)(zi)額(e)為(wei)(wei)(wei)2.40億(yi)元(yuan)(yuan)(yuan),內部(bu)收(shou)益(yi)率(lv)預計(ji)(ji)為(wei)(wei)(wei)14.32%。德州(zhou)至(zhi)商丘(qiu)高(gao)速公(gong)路夏津至(zhi)聊城(cheng)段BOT項(xiang)目(mu)(mu)(mu)預計(ji)(ji)2016年中竣工(gong)(gong)(gong),項(xiang)目(mu)(mu)(mu)工(gong)(gong)(gong)程(cheng)總投資(zi)(zi)31.94億(yi)元(yuan)(yuan)(yuan),累計(ji)(ji)完(wan)成投資(zi)(zi)額(e)為(wei)(wei)(wei)17.20億(yi)元(yuan)(yuan)(yuan),內部(bu)收(shou)益(yi)率(lv)預計(ji)(ji)為(wei)(wei)(wei)8.28%。

本次發行前,鐵(tie)建總公司(si)持有中國(guo)鐵(tie)建61.33%的股(gu)(gu)權,為控股(gu)(gu)股(gu)(gu)東,本次發行完(wan)成(cheng)后,鐵(tie)建總公司(si)持有中國(guo)鐵(tie)建55.16%的股(gu)(gu)權,仍未(wei)控股(gu)(gu)股(gu)(gu)東。

對公司的(de)(de)正面影(ying)響:當前(qian),國家(jia)正在加快中西(xi)部(bu)鐵路建(jian)設和新型城鎮(zhen)化建(jian)設,中西(xi)部(bu)地區的(de)(de)鐵路建(jian)設將進一步(bu)加快,預計整個“十三五”期間的(de)(de)鐵路投資(zi)總量都將保持在較高水(shui)平。公司是(shi)鐵路基建(jian)領域的(de)(de)龍頭企業(ye),截(jie)至(zhi)三季度末,公司在手合(he)同額為(wei)1.76萬億(yi)元,是(shi)2013年(nian)營業(ye)收(shou)入的(de)(de)3倍,訂(ding)單充足(zu)。通(tong)過本次(ci)發行,將增(zeng)強資(zi)金實(shi)力(li)同時降低(di)資(zi)產負債率,進一步(bu)做大(da)做強建(jian)筑工程主(zhu)業(ye),進一步(bu)鞏(gong)固及提升行業(ye)領先地位。

綜上,預計公(gong)司2014年(nian)和2015年(nian)分別實現(xian)凈(jing)利潤(run)113.73億元(yuan)(YoY+9.95%,EPS為(wei)0.922元(yuan))和134.17億元(yuan)(YoY+18%,EPS為(wei)1.088元(yuan))。